The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1887-07-06
BUSINESS OUTLOOK.
General Reports Of Trade Are, Almost With
out Exception, Satisfactory.
Money In Reasonable Supply at All Inte-
rior Points and Collections Fair
Buslness Failures.

New York. July 1-R. G. Dan & Co in
their weekly review of trade say: The
week has been one of satisfactory business
for the season, but oil unusual disturbance
in speculation. Liquidation has reached
the stock market. a week ago, even while
this review was being written, sharp at
tacks began. The recovery was especially
rapid, but hesitation In prices this week
notwithstanding very favorable reports of
earnings, indicates that the process of
liquidation may not in all directions have
been completed. at their lowest stocks
were down to their level of January last
as their highest in May hsd accurately cor
responded with their highest average be-
fore the break in December.
A corner in June wheat at New York has
succeeded as completely as the Chicago
corner failed, and the prices made have
been so palpably artificial that June deliv-
cry sold, on the last day of the month, 221E
cents above the same grade for July. Nom
inalJy cash wheat fell p cents on Friday,
though the actual price for other uses than
the settlement of speculative contracts was
not above S61E cents on Thursday and S51E
on Friday. The Chicago market has been
quiet, with eastward shipments of 5000 600
bushels crowding lake lines to their full
capacity. The June exports have been
large, but the stock carried over to the new
crop year will not fall much below 50,-
100000 bushels in excess of the minimum,
and the crop reports are generally favor
able, though prolonged drought in some
parts of the Northwest causes apprehension
and may lessen the yield.
From Omaha and some other points
come reports that real estate excitement
has abated, though prices are maintained
and large sums are being expended in
building. 1t was estimated some weeks
fr1,, ~ No. -
proportions Of new buildings in five
months has been AL per cent. to the as.
sessed valuation of real estate, that the
sum thus invested throughout the country
must be very large. Official returns for
five months from thirty-fve cities, of all
sizes, and in various parts of the country,
now show that the value of new buildings
in that time was II per cent. of the as
sessed valuation of all real estate there IN
1850, and the transfers of property were Is
per cent. at all points, against IA per cent.
at New York. These figures would point to
an expenditure in building of 81, 800, 000, 900
If the same activity would last through the
year, and to transfers of 81 300 600 600. 1t
need net be added that reaction and di-
minished activity in this direction are to
be expected.
Available has been turned into fixed cap.
ital largely in railroad building, though re-
turns disappoint those who expected a
larger mileage completed this year than in
1892. So far the mileage is 500 above that
of last year to date, but about 800
miles below the completed work to date in
1880, 1881 or 1888. and $500 below the rec
ord of 1882 May and June returns exceed
last years but little. But the new secur-
tiles listed at the Stock Exchange this year
already exceed $1S2 900, 600 stock and
1888, 100000 bonds, which in part accounts
for the hesitation in prices
General reports are almost without ex-
cepton satisfactory, trade being good for
the time of year, collections fair or better,
and money in reasonable supply at all in
terror points. The disasters at Chicago
and Cincinnati seem to had little effect
elsewhere. A most encouraging feature is
the settlement as to wages in the iron
manufacture on 10 per cent. advance,
and the closing of the builders strike at
Chicago, the shoe-makers' strike in Massa-
chusetts, and the ore handlers strike at
Cleveland. The coke strike still keeps
some furnaces idle, and stocks of iron west
of the mountains are thought to have
fallen from 19407S tons May l to 10000
tons. An advance in August is hoped for,
and old rails have risen the past week.
The coal output for the half year will
exceed by 1900 tons the largest previous
output, and an advance in prices is again
predicted.
In most other branches OF trade the con-
dition is reported satisfactory for the sea-
son.
Monetary anxieties continue, however.
The bank surplus has never been as low at
this time of any previous year, and the
Treasury has taken in 81, 500 900 in gold,
while putting out 81, 400, 900 currency. The
heaviest withdrawal of bank bonds ever
reported on a single day naturally attends
the maturing OF the last call for per
cents, and Treasury officials are
disappointed because new depos-
its for circulation reach only
100000. The one open supply Of money
is the London market, but recent events
have caused some sales of stocks on foreign
account, and merchandise exports from
New York fall per cent. below, while i'm
ports rise 10 per cent. above those of last
year for June. Disbursements for inter
ests and dividends this month, however,
are estimated at $50, 900 900.
The business failures during the last
seven days number for the United States
155, for Canada &c; total 181, compared
with 1917 last week, and for the correspond
ing week last wear l79